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(U3) Heading North

COPPER TECHS
  • RES 4: $418.25 - High Apr 14
  • RES 3: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
  • RES 2: $401.00 - High May 1
  • RES 1: $394.66 - 61.8% retracement of the Apr 14 - May 25 downleg
  • PRICE: $390.00 @ 12:58 BST Jun 16
  • SUP 1: $370.30 - Low Jun 5
  • SUP 2: $363.80- Low May 31
  • SUP 3: $356.50 - Low May 24 / 25 and key support
  • SUP 4: $354.10 - Low Nov 28 2022 (cont)

Copper futures remain in a short-term bull cycle and the contract has traded higher again today. Price has breached resistance at the 50-day EMA, at $383.75, and this reinforces current short-term bullish conditions. A continuation higher would pave the way for gains towards the $394.66, a Fibonacci retracement and $401.00, the May 1 high. On the downside, key support and the bear trigger is at $356.50, the May 24 / 25 low.

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